Getting the basic steps down took me about one session (an hour, maybe two?), so you can probably learn it in a single session if you dedicate yourself to it (ie. if its the only trick you work on). At first you're gonna fall off pretty often when the board is zigzagging beneath your feet. After a while you'll be able to get the basic steps down, albeit very shakily. From there it's all about improving your flow, making the steps more confident and more stylish, and making your carves smoother.

*One more thing; one thing that might help you learn this trick is to learn 180 steps. That is basically just doing the first step of the Peter Pan, but before you bring your second step across, you just turn your body into riding switch.
Here's a great video for learning some of these things: http://www.youtube.com/watch?v=2LHlEL8fCZQ . It's done by a goofy rider but in the description you can find a mirrored version to see it in regular.

It took me a few sessions(2 hours) of practice to get the gist of it, but to really get the move down it took a few months. Also this is the link for the original video if you guys were curious.
http://www.youtube.com/watch?v=_acGpA5R1sE
Also, where did you find the GIF yafaca?

This is AWESOME! Thank you! The guy who got me into longboarding graduated before I was comfortable enough to try and dance, and I've been trying to find someone/something to help. Thanks for sharing! I know what I'm doing tomorrow.